Question: PLEASE EXPLAIN THE ANSWER STEP BY STEP. THANK U. Amelia Co. paid $110,000 for the 30% net assets of Cosmo Corp. At the time of

PLEASE EXPLAIN THE ANSWER STEP BY STEP. THANK U.

PLEASE EXPLAIN THE ANSWER STEP BY STEP. THANK U. Amelia Co. paid

Amelia Co. paid $110,000 for the 30% net assets of Cosmo Corp. At the time of the acquisition the following information was available related to Cosmo's balance sheet: Current Assets Building Equipment Liabilities Book Value $50,000 80,000 40,000 30,000 Fair Value $ 50,000 100,000 50,000 30,000 What is the amount of goodwill or gain related to the acquisition

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